Disclaimer

The website is directed only at Professional Clients in the UK. The website is issued by Asset Value
Investors Limited (“AVI”), in respect of British Empire Trust plc (“British Empire”). AVI is authorised and
regulated by the UK Financial Conduct Authority (“FCA”). British Empire is a public company listed and
traded on the London Stock Exchange.

You agree that we may contact you about our products and services that we believe you might be interested
in.

The price of the Shares will be determined by supply and demand in the market as well as NAV per Share.
The market price of the Shares is therefore likely to fluctuate and may represent either a premium or
discount to NAV per Share.